Pampa Energia S.A. announces the results for the six-month period and quarter ended on June 30, 2013

BUENOS AIRES, Argentina, Aug. 12, 2013 /PRNewswire/ -- Pampa Energia S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the largest integrated electricity company in Argentina that, through its subsidiaries, participates in the generation, transmission and distribution of electricity, announces the results for the six-month period and quarter ended on June 30th. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.

Highlights for the Six-Month Period of 2013

Consolidated sales revenues of AR$2,531.1 million1 for the six-month period ended on June 30, 2013, 21.8% lower than the AR$3,237.7 million for the same period of 2012, mainly explained by a decrease of 54.9% (AR$970.2 million) in the generation segment, partially offset by increases of 15.4% (AR$221.6 million) in distribution and 2.2% (AR$1.9 million) in holding and others segments.

Adjusted consolidated EBITDA2 of AR$(267.3) million, compared to AR$213.7 million for the same period of 2012, mainly due to decreases of AR$245.8 million in generation and AR$263.0 million in distribution, which were partially offset by increases of AR$5.3 million in the transmission segment and AR$22.5 million in holding and others.

Consolidated profit under IFRS of AR$1,120.9 million during the six-month period ended on June 30, 2013, of which a gain of AR$545.3 million are attributable to the owners of the Company, compared to a AR$147.8 million loss attributable to the owners of the Company in the same period of 2012, mainly explained by the profit from our distribution and holding and others segments for AR$609.6 million and AR$70.9 million respectively, partially offset by a net loss of AR$122.0 in generation and AR$13.3 million in transmission.

Main Results for the Second Quarter of 20133

Consolidated sales revenues of AR$1,138.4 million for the quarter ended on June 30, 2013, 36.4% lower than the AR$1,791.3 million for the same period of 2012, mainly explained by a decrease of 74.5% (AR$794.2 million) in the generation segment, partially offset by increases of 15.7% (AR$111.5 million) and of 3.2% (AR$1.6 million) in the distribution and the holding and others segments, respectively.

Adjusted consolidated EBITDA of AR$(129.8) million, AR$181.0 million lower than the same period of 2012, mainly due to decreases of AR$51.3 million in generation and AR$149.3 million in distribution, which were partially offset by increases of AR$3.2 million in the transmission segment and AR$16.4 million in holding and others.

Consolidated profit under IFRS of AR$1,726.9 million in the second quarter ended on June 30, 2013, of which a gain of AR$931.8 million are attributable to the owners of the Company, compared to a AR$100.6 million loss attributable to the owners of the Company in the same period of 2012, mainly explained by the higher costs recognition through Resolution No. 250/13, which had an impact on distribution segment recording a net profit attributable to the owners of the Company of AR$963.0 million, in addition to a lower net loss in transmission segment (AR$3.0 million), partially offset by a net loss in generation (AR$37.3 million) and a lower profit in holding and others (AR$9.2 million).

1 Under the International Financial Reporting Standards ('IFRS'), we no longer consolidate the Transmission segment, and our net income in said segment is shown in the line 'Results for participation in joint businesses'. For more information, please refer to section 4 of Pampa's Earnings Release.

2 Adjusted consolidated EBITDA represents the consolidated results for continuing activities before net financial results, income taxes, depreciation, amortization, reserve directors options, one-time income and expenses, and non-controlling interests, including PUREE proceeds, other non-accrued collections, and other adjustments related to IFRS. For more information, please refer to section 4 of Pampa's Earnings Release.

3 The financial information presented in this document for the quarters ended on June 30, 2013 and of 2012 are based on unaudited financial statements prepared according to the IFRS accounting standards in force in Argentina corresponding to the six-month periods ended on June 30, 2013 and of 2012, and the three-month periods ended on March 31, 2013 and of 2012.

Consolidated Balance Sheet(As of June 30, 2013 and December 31, 2012, in millions of Argentine Pesos)

As of 06.30.13

As of 12.31.12

As of 06.30.13

As of 12.31.12

ASSETS

EQUITY

Property, plant and equipment

6,376.9

6,016.9

Share capital

1,314.3

1,314.3

Intangible assets

931.6

1,808.5

Share premium

246.6

1,018.4

Biological assets

2.0

2.0

Director's options reserve

254.9

250.4

Participation in joint businesses

180.3

192.3

Legal reserve

-

-

Participation in associates

136.7

132.5

Retained earnings

545.3

(771.8)

Financial assets with a results changing fair value

357.3

303.8

Other comprehensive results

(10.8)

(10.8)

Deferred tax assets

180.5

87.5

Equity attributable to owners of the parent

2,350.2

1,800.5

Trade receivable and other credits

281.9

422.1

Non-controlling interests

1,040.7

529.8

Total non-current assets

8,447.1

8,965.6

Total equity

3,390.9

2,330.3

Inventories

81.4

103.3

LIABILITIES

Biological assets

0.1

0.5

Accounts payable and other liabilities

1,155.6

2,231.2

Assets on construction

-

84.5

Borrowings

2,705.1

2,218.5

Financial assets with a results changing fair value

109.4

113.4

Deferred revenues

34.4

264.4

Trade receivable and other credits

2,568.9

1,541.5

Salaries and social security payable

19.3

17.5

Cash and cash equivalents

702.5

279.9

Defined benefit plan obligations

97.0

120.9

Total current assets

3,462.3

2,123.1

Deferred tax liabilities

477.9

628.9

Tax payable

42.0

46.8

Assets classified as held for sale

286.7

235.2

Provisions

80.8

85.5

Total assets

12,196.1

11,323.9

Total non-current liabilities

4,612.1

5,613.7

Accounts payable and other liabilities

2,533.7

1,688.0

Borrowings

646.8

790.9

Salaries and social security payable

372.0

447.9

Defined benefit plan obligations

10.4

21.8

Tax payable

417.0

263.8

Provisions

7.8

11.7

Total current liabilities

3,987.7

3,224.1

Liabilities classified as held for sale

205.4

155.8

Total liabilities

8,805.2

8,993.6

Total liabilities and equity

12,196.1

11,323.9

Consolidated Income Statement(For the six-month period and quarter ended on June 30, 2013, and June 30, 2012, in millions of Argentine Pesos)

6-Month Period

2nd Quarter

2013

2012

2013

2012

Sales revenue

2,531.1

3,237.7

1,138.4

1,791.3

Cost of sales

(2,707.3)

(2,992.5)

(1,213.8)

(1,729.3)

Gross profit

(176.3)

245.2

(75.4)

61.9

Selling expenses

(290.5)

(191.1)

(163.1)

(108.0)

Administrative expenses

(265.7)

(210.2)

(145.4)

(108.0)

Other operating income

163.2

152.6

120.1

113.3

Other operating expenses

(83.4)

(79.8)

(46.9)

(45.3)

Higher Costs Recognition – Res. No. 250/13

2,212.6

-

2,212.6

-

Results for participation in joint businesses

(13.2)

(10.3)

(3.0)

(5.1)

Results for participation in associates

4.2

(0.2)

(1.4)

(2.3)

Operating income

1,550.9

(93.9)

1,897.5

(93.5)

Financial income

241.1

64.3

207.3

45.1

Financial costs

(275.7)

(228.4)

(100.0)

(114.9)

Other financial results

(238.2)

(109.2)

(175.9)

(80.0)

Financial results, net

(272.8)

(273.2)

(68.6)

(149.8)

Profit before tax

1,278.2

(367.1)

1,828.9

(243.3)

Income tax and minimum expected profit tax

(37.2)

11.8

(110.0)

(0.7)

Net income for continuing operations

1,240.9

(355.3)

1,718.9

(244.0)

Discontinued operations

(120.0)

55.5

8.0

15.5

Net income for the period

1,120.9

(299.9)

1,726.9

(228.5)

Attributable to:

Owners of the Company

545.3

(147.8)

931.8

(100.6)

Continuing operations

627.7

(175.4)

927.6

(107.2)

Discontinued operations

(82.5)

27.6

4.2

6.6

Non-controlling interests

575.6

(152.1)

795.1

(127.9)

Net income for the period attributable to the owners of the Company (AR$ per share):

Basic and diluted income for continuing operations per share

0.4776

(0.1335)

0.7058

(0.0816)

Diluted income for continuing operations per share (AR$ per share)

(0.0627)

0.0210

0.0032

0.0050

Basic and diluted income for discontinued operations per share

(0.0627)

0.0193

0.0032

0.0046

For the full version of this Results Report, please visit Pampa's Investor Relations website: www.pampaenergia.com/ir.

Information about the Conference Call

There will be a conference call to discuss Pampa and Edenor's second quarter 2013 results on Wednesday August 14, 2013 at 10:00 a.m. New York Time / 11:00 a.m. Buenos Aires Time.

The hosts will be Mr. Leandro Montero, CFO of Edenor and Mr. Mariano Batistella, Special Projects, Strategic Planning and Investor Relations Officer of Pampa. For those interested in participating, please dial 0800-444-2930 in Argentina, +1 (800) 860 2442 in the United States or +1 (412) 858 4600 from any other country. Participants of the conference call should use the identification password Pampa Energia / Edenor and dial in five minutes before the scheduled time. There will also be a live audio webcast of the conference at www.pampaenergia.com/ir.